International Relations and Cooperation Minister, Ronald Lamola says multilateral development banks have a critical role to play in offering enhancement, supporting project preparation and co-financing alongside private capital.
Lamola addressed the 4th International Conference on Financing for Development in Seville, Spain.
The United Nations gathering seeks to support reform of the international financial architecture and address financing challenges preventing urgently-need investment.
It is attended by at least 60 world leaders and around 15,000 delegates.
“This is a moment in which we cannot expect increases in official development assistance. But there are ways to multiply the resources available and one of the things that we have approved here in Seville is to triple the lending capacity of multilateral development banks,” says Lamola.
A defining moment came when the United Nations Secretary General, Antonio Guterres, spoke about mapping out the global framework for development.
However, the United States’ decision to withdraw from the conference and wealthy countries’ shrinking appetite for foreign aid, have dampened hopes that the summit will bring about significant change.
The summit is being held as Europe is battling with extreme heatwave conditions and temperatures have climbed to 40 degrees Celsius.
Head of Politics at Greenpeace, Rebecca Newsom, says,”This heatwave is evidence of the climate emergency and the urgency to stop drilling for more oil and gas, to make big polluters like oil and gas companies and the super-rich pay their fair share.”
Leaders have been called to triple multilateral lending capacity, deal with debt relief and shift special International Monetary Fund money to countries that need it most.
4th International Conference | Financing for Development
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